I agree that lenders should be prepared but don't you think real estate agents should adjust their expectations as well. On complicated files that may involve an appraisal as well, 5 days just isn't enough sometimes. Also, it is our client that suffers when there is not enough lead time.

We, as brokers, can help take some responsibility by understanding the impact of; inaccurate applications, submitting applications that do not fit the lenders guidelines/risk appetite, requesting multiple changes, submitting incomplete document packages, not reviewing documents before submitting them…. All of these not only impact turnaround time, but also your approval.

Read my reply on the “An odd suggestion to help monolines better compete with banks” article. I’ve provided some information on what the impact is, and given some suggestions; http://www.mortgagebrokernews.ca/news/an-odd-suggestion-to-help-monolines-better-compete-with-banks-193927.aspx